Emergent Results of Artificial Economics
Artificial economics is a computational approach that aims to explain economic systems by modeling them as societies of intelligent software agents. The individual agents make autonomous decisions, but their actual behaviors are constrained by available r
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Sjoukje Osinga • Gert Jan Hofstede • Tim Verwaart Editors
Emergent Results of Artificial Economics
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Editors Drs. Sjoukje Osinga Assoc. Prof. Gert Jan Hofstede Department INF/bode 143 Wageningen University Hollandseweg 1 6706KN Wageningen The Netherlands [email protected] [email protected]
Dr. Tim Verwaart Agricultural Economics Institute Wageningen UR Alexanderveld 5 2585DB Den Haag Netherlands [email protected]
ISSN 0075-8442 ISBN 978-3-642-21107-2 e-ISBN 978-3-642-21108-9 DOI 10.1007/978-3-642-21108-9 Springer Heidelberg Dordrecht London New York Library of Congress Control Number: 2011932220 © Springer-Verlag Berlin Heidelberg 2011 This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer. Violations are liable to prosecution under the German Copyright Law. The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Cover design: eStudio Calamar S.L. Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)
Preface
Now in its 7th year, the conference series in Artificial Economics is alive and kicking. A number of research topics are generating sustained interest. Others are emerging. We received 33 submissions, and based on almost 100 reviews (three per paper, on average), we now find 17 excellent papers in this volume that we called Emergent Results of Artificial Economics. Artificial Economics can play a pioneering role in tackling precisely those issues that challenge the wider field of economics in general. In recent years, the international economy has repeatedly been shaken by crises that involve both the private and the public financial system on a worldwide scale. These crises take systems outside of their boundaries. In finding ways out, economists have to leave their comfort zones in which rational economic behaviour can be assumed. One can hear them speak of responsibility, of checks, of public control over the financial sector, of re-allocating risks. These are issues that impose challenges on economists, because they require both economic theory on markets and institutions, and deep understanding of human social behaviour. The practical issues to solve are at the nexus where these various areas meet. In order to address today’s challenges, economists need to deal with the bigger picture. Artificial economics is well poised to ta
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